Peabody Energy price target lowered to $27 from $29 at B. Riley

B. Riley lowered the firm’s price target on Peabody Energy to $27 from $29 and keeps a Buy rating on the shares. The analyst updated met coal valuations as supply improves. In recent weeks, there has been both seasonal and short-term supply improvements across the key met supply regions, namely the U.S., Australia, and Canada, the analyst tells investors in a research note. Alongside these volume improvements, met demand from China has proven challenged and the outlook has been more uncertain, given broader economic woes and higher imports from Mongolia and Russia, the analyst tells investors in a research note. However, in the medium term, Riley still believes met coal will continue to surprise to the upside.